The Insolvency and Bankruptcy Code, 2016 (IBC) is India’s bankruptcy law, which aims to unify the existing framework by establishing a single insolvency and bankruptcy law. In December 2015, the Lok Sabha passed the Insolvency and Bankruptcy Code.
The bankruptcy code is a one-stop shop for resolving insolvencies, which was formerly a time-consuming process with no economically acceptable remedy. The code strives to protect small investors’ interests while also making the business process easier.
There are 255 sections and 11 schedules in the IBC.
